The development has been welcomed by Niki Lauda, the former F1 world champion who is now non-executive president of the Mercedes team leading this year’s championship.

Lauda said it would be a “disaster” if Ecclestone were to lose control.

“He is the only one who knows everything — the business, teams’ problems,” he said.

“He has everything in his head. He is the link between the teams and the investors.”

While such deals are common in German law, it would be the biggest of its kind ever agreed, according to reports in Germany.

Ecclestone is accused of paying German banker Gerhard Gribkowsky £20 million in 2006 and 2007 to ensure that shares in F1 held by BayernLB were sold to Ecclestone’s preferred bidder, CVC Capital Partners, now the sport’s majority shareholder.

The F1 magnate has denied any wrongdoing, but he could have faced a jail term of up to 10 years if found guilty.

Ecclestone admitted paying the money but said it was handed over to Gribkowsky to end blackmail threats that the banker would hand over information about Ecclestone’s tax affairs.

Gribkowsky was sentenced to eight and-a-half years in jail in 2012.

CVC Capital had said that if Ecclestone were convicted then he would be removed from his position as president and chief executive of Formula One Management.